Page 52 - Mann Ki Baat - English, February,2023

Unified Payments Interface

Heralding A New Era of Payments Across the World

Year 2016 - National
The power of India’s digital
Payments Corporation of India
revolution…Today, we are
(NPCI) launched a unique, real-
seeing its effect in every field.
time, mobile-enabled system
You know the power of India’s
called the Unified Payments
UPI. Many countries in the
Interface (UPI). Fast forward to
world are drawn towards it.
2023, this Made-in-India retail
Just a few days ago, the UPI-
payment interface has gone
PayNow link was launched
global with its official linkage to
between India and Singapore.
Singapore’s PayNow in a first-of-
Now, people in Singapore and
its-kind collaboration between
India are transferring money
two countries.
from their mobile phones in
A collaboration between
the same way they do within
the Reserve Bank of India (RBI)
their respective countries. I am
and the Monetary Authority of
glad that people have started
Singapore (MAS), the new linkage
taking advantage of it. UPI…
will help users make convenient,
[has] proved to be very helpful
safe, instant, and cost-effective
in raising the Ease of Living.
real-time cross-border person-
-Prime Minister Narendra Modi to-person (P2P) remittances
(in his ‘Mann ki Baat’ address) using their respective mobile
apps. Funds held in bank
accounts or e-wallets can now
be transferred to and from India
"The UPI-PayNow linkage using just the UPI ID, mobile
is a significant milestone number, or Virtual Payment
Address (VPA).
in the development of an
As per the Ministry of External
infrastructure for cross-border
Affairs, the population of Indian
payments which closely
diaspora in Singapore is around
aligns with the G20’s financial
6.5 lakh. This landmark step will
inclusion priorities of driving
benefit them, especially the
faster, cheaper and more
migrant workers, students, small
transparent cross-border
businesses, and enterprises,
payments."
and will bolster the trade and
-Dilip Asbe
remittance flow between the two
MD & CEO, NPCI
countries. According to a World
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